STANDARDIZATION AS AN ENABLER OF ECONOMIC DEVELOPMENT IN NIGERIA: A COMPARATIVE ANALYSIS.
Abstract - The research investigated Standardization as an Enabler of Economic Development in Nigeria: AComparative Analysis. The information used in this research was obtained from a secondary source. The regression analysis was employed to perform the research, and Nigeria's economy and GDP functioned as the study's population. The GDP of Nigeria was sampled for ease of research from 2010 to 2021, two hypotheses were developed, and the ordinary least squares (OLS) economic model was utilized to assess the hypothesis. The findings revealed that any endeavor by the Nigerian government to streamline standardization on all sides of the economy will result in a large boost in Nigeria's Gross Domestic Product. The results show that the positive effects of the Human Development Index are significant at the 5% level, as evidenced by the p-values (0.0401) associated with the t-statistics (1.170776), whereas the negative effects of the Patent are not significant at the 5% level, as demonstrated by the p-value of 0.3419 associated with the t-statistic (-1.003290) of its coefficient (-0.126322). The study suggested that developing countries such as Nigeria, South Africa, and others prioritize standardization because it is one of the macroeconomic processes utilized by industrialized countries such as the United States, Japan, and Germany to improve their economies. Standardization can help improve, and enhance efficiency and productivity, promote innovation and technological advancement, and facilitate trade and international cooperation.
The study also highlighted the importance of human development in economic development. The positiveeffects of the Human Development Index on GDP indicate that investing in education, healthcare, andother aspects of human development can contribute to economic growth.
However, the study found that the effects of patents on GDP were not significant. This suggests that simply having patents and intellectual property rights may not be enough to drive economic development.Other factors, such as investment in research and development, innovation ecosystems, and supportivepolicies and institutions, may also be necessary.
Based on these findings, the study recommended that developing nations like Nigeria should prioritize standardization to promote economic development. By adopting and implementing international standards, countries can improve the quality and competitiveness of their products and services, attract foreign investment and enhance their participation in global value chains.
In conclusion, standardization can serve as an enabler of economic development in Nigeria and other developing nations. Focusing on standardization and investing in human development, these countries cancreate a conducive environment for economic growth and improve their overall well-being.